Redflow Seeks $14 Million Cash Injection for Growth

The Australian flow battery-maker Redflow has announced a share offering aimed at raising AUD $18.1 million (USD $13.7 million) to fund expansion. The move comes after Redflow relocated its manufacturing from Mexico to Thailand last year. The Australian Securities Exchange-listed company said the money would come through an offering of AUD $7.5 million (USD $5.7 million) to new investors and a fully underwritten, non-renounceable entitlement offer of AUD $10.6 million (USD $8 million) to existing backers. These include the company’s former executive chairman and CEO, millionaire entrepreneur Simon Hackett, who is Redflow’s main investor with a 17.3 percent share of the business. Hackett is planning to put an extra AUD $1.9 million (USD $1.4 million) into Redflow, according to a shareholder letter from chairman Brett Johnson. New CEO Tim Harris is also set to invest AUD $50...